Klimat X closes the first tranche of a private placement without an intermediary

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/THIS PRESS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO U.S. NEWS SERVICES FOR DISSEMINATION IN UNITED STATES/

VANCOUVER, BC, September 14, 2023 /CNW/ – Klimat X Developments Inc. (“Klimat X” or the “Company”) (TSXV: KLX), a leading provider of high quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company and its stakeholders, is pleased to announce that the Company has closed the first tranche of its private placement offering without a broker previously announced (the “Offering”) with the placement of 6,036,567 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of $905,485.05.

Each Unit consists of one common share (a “Share”) and one share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase one share of the Company at price of $0.25 per share for a period of 24 months from the closing date of the offering (the “Closing Date”). In the event that at any time after the date which is 4 months and one day after the closing date, the closing price of the shares of the Company is equal to or greater $0.50 per share for a period of 5 consecutive trading days during the exercise period of the warrants (the fifth trading day being hereinafter referred to as the “eligible acceleration date”), the expiration date of the warrants Warrants will be accelerated to the date that is 60 days after the eligible acceleration date. Acceleration date.

It is expected that the CEO, James TanseyDirector, Neil PassmoreAnd Kevin GodlingtonDirector of Operations (the “Initiates”) will each participate for a total of approximately $144,000 value of the units in the second tranche of the investment. The participation of insiders of the Company in the Offer constitutes a related party transaction within the meaning of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101 – Protection of minority security holders during special transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements set forth in Sections 5.5(a) and 5.7(1)(a), because neither the fair market value of the securities issued nor the fair market value of the consideration for the securities issued exceeds 25% of the market capitalization of the Company, calculated in accordance with Regulation 61-101. A material change report relating to the offering will be filed less than 21 days before the closing of the final tranche of the offering. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offer in a timely manner.

Building on very strong recent progress in expanding the carbon credit pipeline and strong validation from carbon credit purchasers, Klimat expansion of the Company’s operations in West Africa And Latin Americathe development of a new technology platform for smallholder-led restoration projects and general working capital purposes.

The offering is subject to certain closing conditions, including the receipt of all necessary approvals, including final approval of the TSX Venture Exchange.

The securities issued in connection with the offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the Offer. No finder’s fee was paid in connection with the Offer.

This press release does not constitute an offer to sell or a solicitation of an offer to sell any securities in United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws and may not be offered or sold in United States or to U.S. persons, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Klimat

Klimat The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance greenhouse gas sequestration or restored from a degraded state to fully productive ecosystems. The Company’s commitment to environmental stewardship and its strong portfolio of carbon credit projects make it a trusted partner for the world’s largest carbon credit buyers in the fight against climate change. Klimat

On behalf of the board of directors

“James Tansey”
James Tansey
General manager

Caution Regarding Forward-Looking Statements

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements and forward-looking information (collectively “”forward-looking statements“) within the meaning of applicable securities laws. All statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as ” may”, “should”, “anticipate”, “will”, “intend”, “expect” and similar expressions that are intended to identify forward-looking information or statements. In particular and without limitation, this press release contains forward-looking statements and information regarding the Offering and the Company’s ongoing activities. Klimat X cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of factors, assumptions and significant expectations, many of which are beyond Klimat.X’s control, including expectations and assumptions regarding the Company and the Company’s need for additional capital through financings, as well as the risk that such funds will not be raised. The reader is cautioned that assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Klimat unduly to any forward-looking information. This information, although considered reasonable by management at the time of its preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Klimat new information, future events or otherwise, except as expressly required by securities law.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

SOURCE KLIMAT

Information: Klimat X Developments Inc., James Tansey, President and CEO, Email: (email protected)http://www.klimatx.com

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